Polaris crosses two milestones

Our Bureau Chennai | Updated on January 23, 2011

The quarter ended December 2010 has been a good one for Polaris Software Lab, as the company achieved two milestones in financial performance.

First, it made a net profit of Rs 50 crore, a first for any quarter. Second, its networth crossed the Rs 1,000-crore mark.

Net profit at Rs 50.12 crore was up 25 per cent over the corresponding quarter of last year, although revenue increased only 18 per cent to Rs 400 crore.

Key driver

A key driver to this performance was the client winnings for the Intellect suite of products — a range that came into Polaris' fold through the acquisition of Citibank's software division.

‘Intellect' fetched 19 new clients, which according to the management “has provided us with strong tailwinds.”

On the NSE today, Polaris closed Rs 5.65 (3 per cent) lower at Rs 178.20.

Published on January 23, 2011

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